Context
InVision, a once-dominant player in the User Experience (UX) design market, has announced it will shut down its design collaboration services by the end of 2024. Founded in 2011, InVision rose to prominence in the tech world, achieving a valuation of nearly $2 billion. It offered a platform for designers to collaborate on projects, but in recent years, it has struggled to keep pace with competitors like Figma and Adobe.
Key Update
InVision's CEO, Michael Shenkman, recently announced the company's decision to shut down its services by the end of 2024. This move comes after a period of stagnation and loss of market share to rivals. The company aims to provide its users with ample time to transition smoothly to other services. Enterprise customers will receive assistance from the sales team, while self-serve customers can use the service on a monthly basis until the shutdown. Discussions on platforms like Reddit and Y Combinator’s Hacker News suggest that InVision's decline was due to its failure to innovate and respond to market changes, particularly in the face of competition from newer companies like Figma.
Technical Terms
UX (User Experience) Design
The process of creating products that provide meaningful and relevant experiences to users. This involves the design of the entire process of acquiring and integrating the product, including aspects of branding, design, usability, and function.
Unicorn Status
A term in the venture capital industry to describe a privately held startup company with a value of over $1 billion.
Relevance to New Tech Career Seekers
For individuals starting a tech career, InVision's story serves as a lesson in the importance of continuous innovation and market adaptation. As the tech landscape evolves rapidly, staying updated with industry trends and flexible in skill development is crucial. Additionally, understanding the dynamics of the UX design field can be vital for those interested in this area.
Relevance to Small Business Owners
Small business owners should take note of InVision's trajectory as an example of how market leadership can be quickly lost without innovation and responsiveness to customer needs. This highlights the importance of staying agile and continuously seeking ways to improve products or services. For those using InVision's services, it's also a prompt to start exploring alternative collaboration tools to ensure a seamless transition and continuity in their operations.
